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    EUR/TRY: Fibonacci analysis on 16.10.2015

    A decline may continue.

    On the 4-hour chart, the price broke down the level of 3.3070 (23.6% correction of the short-term trend) and is heading to the month’s lows at 3.2620. The breakdown of this level may lead to a further decline to 3.2040 (38.2% correction of the medium-term trend). On the daily chart, the price broke down the level of 3.3015 (23.6% correction of the medium-term trend) but remained within the area of the 23.6% arc, along which an upward correction may start to the level of 3.3475. A downward movement would continue only after the price steps away from the arc.

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